Page 158 - New Agent Binder

HOME STRETCH:
CONTRACT, SETTLEMENT & BEYOND

CONTRACT PRESENTATION & NEGOTIATION

Negotiation is a serious business that requires skill
and knowledge to effectively achieve the desired outcome.

Included in the presentation of the offer to purchase your home are a
number of specific concerns. Once the contract is signed, it becomes the
binding guideline for the transaction. The offer will include, but is not
limited to:

o Date, name and address of the buyer and seller and the legal description
of the property.
o Amount of earnest money deposit that will be held in an escrow account
o by the selling broker, unless otherwise noted.
o Size of down payment and how the remainder of purchase price is to be
o financed and the right to cancel without penalty if such financing proves
o unavailable.
o Proposed settlement and occupancy date.
o Contingencies, if any.
o Other important provisions, including a list of items that convey or are
o excluded in the sale, stipulation that title must be insured and who is to
o pay various settlement costs.
o Sales price.

The Buyer’s Offer and Your Net Sheet Contract

The buyer’s offer is reduced to dollars and cents on a sample net A contract exists when
sheet. The estimated outcome is determined, which allows you to all terms, including
consider the value of the offer. Your decision regarding the offer changes, are signed by
should be made at presentation, if possible. Once the offer has been both buyer and seller.
made, you have three possible options: When the contingencies
Accept the offer as written. are satisfied, the
o Make a “counter offer” on unacceptable aspects. A purchase offer contract becomes
o with counters is not a ratified contract until the buyer accepts and enforceable and you
initials are moving towards
o the counters. Buyers can withdraw, accept or counter the counter offer. settlement.
Reject the offer, if it is unacceptable to you.